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Auction

Justice Outbid

Tuesday, March 6, 2001

Company assets worth Rp37.5 billion used as credit security, were auctioned for a mere Rp1.6 billion. Reeking of foul play, police simply dropped their investigation.

arsip tempo : 173518925196.

. tempo : 173518925196.

In theory, law is based on the principles of justice and certainty. However, neither of these principles was afforded to Hidayat Sadikin, President Director of PT Way Hitam, a wood processing company based in Palembang. Two Hidayat-owned factories and a three-story residence-cum-shop were auctioned to settle credit owed by Hidayat to the Indonesian Developmental Bank (Bapindo). Unfortunately for Hidayat, the three assets jointly valued at Rp37.5

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